The Nifty continued the selling pressure on Tuesday and finally settled on a negative note at 26,032. On the daily chart, analysts said the index formed a small red candle with shadows on either side, indicating uncertainty. “In the near term, the key resistance for the index is placed at 26,325. Unless the index remains below this level, any bounce should be used for profit booking.”

Market conditions

• Tech View: On the hourly chart, a rising trendline provides immediate support; However, if the Nifty slips below this trendline, a slide towards 25,900 may follow. On the other hand, resistance is placed at 26,150 and a move above this level could improve sentiment. Overall, bearish sideways sentiment may persist in the next few days.
• India VIX: The India VIX, a gauge of fear in the markets, settled down 3.4% at 11.23.

Ban stock today in F&O

Equity capital

Block period securities under the F&O segment include companies in which the security exceeds 95% of the market-wide position limit.

FII/DII action
Foreign portfolio investors on Tuesday invested Rs. 3,642 crore net sale of shares. Meanwhile DII Rs. 4,646 crore were net buyers.

Rs

A depreciation of the rupee against major world currencies is good for the economy as it encourages labour-intensive exports from India, increases foreign exchange earnings and generates more jobs, former NITI Aayog vice-chairman Rajeev Kumar said on Tuesday.

(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)